For years, Gen Z, or “zoomers,” kept their older parents busy with disposable Facebook accounts while they and their peers played through the digital maze of Snapchat and the like. And when their elders started learning snapping and ephemeral social sharing, Zoomers had already moved on to TikTok.
Historically, younger generations embraced new technologies and nascent platforms while their elders were mostly concerned with keeping them from growing too fast.
But what about money and fintech? Could Gen Z quietly master new fintech tools and solutions that will help inflate whatever bubble comes next? Could their bold and unconventional money moves help them retire before you?
Check out these money moves zoomers make and find out why they’re not all bad.
1. They are more savvy and feel empowered to invest early
While previous generations may have waited until they were good and ready to invest their money, Gen Z tends to invest early.
According to a survey by MagnifyMoney, around 22% of Zoom investors said they dipped their toes into the market during their teenage years, compared to just 9% of Millennials.
Gen Z has learned that you really don’t need that much money to start investing — and you can even get free shares, if you know where to look.
Whether you have $5, $100 or $800 in reserve, you can start investing with Robin Hood.
Yes, you’ve probably heard of Robinhood. Investment beginners and pros alike love it because it doesn’t charge commission fees and you can buy and sell stocks for free – with no limits. Plus, it’s super easy to use.
What is best? When you download app and fund your account (it takes no more than a few minutes), Robinhood deposits a share of free shares into your account. It’s random, though, so the stock could be worth between $2.50 and $200 – a nice boost to help you build your investments.
2. They take more risks
When it comes to investing, millennials focus on reaching personal milestones, and older generations still believe in playing the long game. But Gen Z investors appear to be much bigger risk takers, according to a Barclays survey.
Almost half (49%) of Gen Z investors said they only intended to invest their money for two to five years, while around 16% outright admitted that they just wanted to get rich quick, according to the survey.
You’ve probably heard that the best way to grow your money is to put it in the stock market and leave it there for, well, forever. But there’s a happy medium between yeeting a YOLO on your dough and locking your money in a damp cellar to age.
Maybe you’re just looking for a place to store your savings safely, while earning money. Sure, you can stick it under your mattress or in a safe, but millionaires know better.
Here’s their secret: a debit card called Suction lets you earn up to 5% cash back every time you swipe the card and up to 16 times the average interest on money in your account. Plus, you’ll never pay a monthly account maintenance fee.
To see how much you could earn, enter your email address here, link your bank account and add at least 10 USD to your account. And don’t worry. Your money is FDIC insured and under military grade encryption. It’s nerd language for “it’s totally safe”.
3. They will definitely shop
Some of the members of Gen Z had social media accounts before they could even speak, so you shouldn’t be surprised that this generation tends to be savvy online shoppers who prefer the best price at a good price.
When was the last time you checked car insurance prices? Shopping like a zoomer could help you get a good price on car insurance.
You should shop around for your options every six months or so – it could save you a lot of money. Let’s be real, though. It’s probably not the first thing you think about when you wake up. But it doesn’t have to.
Use a website called EverQuote to see all your options at once.
EverQuote is the largest online marketplace for insurance in the United States, so you’ll get the best options from over 175 different insurers brought directly to you.
Take a few minutes to answer a few questions about yourself and your driving record. With this information, EverQuote will be able to give you the best car insurance recommendations. In minutes, you could save up to $610 per year.
4. They like to make money with their personality
Talk to the zoomers in your life. And if you haven’t figured it out already, you’ll probably learn that many of them would simply like to amass throngs of subscribers online and strike sponsorship deals with brands that want to exploit those subscribers.
Earning tens or hundreds of thousands of subscribers is often a profitable business, but it’s far from the only avenue Gen Z takes to make money just by being themselves.
If we told you that you could get paid to watch videos on your computer, you’d probably laugh.
It’s too good to be true, isn’t it?
But we are serious. A website called InboxDollars will pay you to watch short video clips online. One minute you could be watching someone bake brownies and the next you could be getting the latest updates on the Kardashian drama.
All you have to do is choose the videos you want to watch and then answer a few quick questions about them.
No, InboxDollars won’t replace your full-time job, but it’s something easy you can do while you’re already on the couch tonight wasting time on your phone.
Unlike other sites, InboxDollars pays you cash – not points or gift cards. It has already paid its users over $56 million.
Registration takes about a minute and you will be immediately get a $5 bonus to help you get started.
Quinten Plummer is an editor at Penny Hoarder.